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This article is sad. I think Section 8 ruins neighborhoods. It shouldn't be allowed.
While I don't confess to know much about Section 8, I would be OK with low income housing as long as all potential tenant pass criminal background checks, and anyone convicted of a felony would be barred from living there, as well as being evicted should they be convicted during the term of a lease.
While I don't confess to know much about Section 8, I would be OK with low income housing as long as all potential tenant pass criminal background checks, and anyone convicted of a felony would be barred from living there, as well as being evicted should they be convicted during the term of a lease.
It's not the people who have their name on the property that are the problem...
Seriously
There are many, many, many low-income residences where you can't truly keep tabs on who stays there. I deal with section 8 housing and the truth is that many problems are created by these residents.
I have to add that Starrett City and HUD buildings here are not known by locals from NY as "Projects" or "Public Housing". Starrett City and HUD buildings are known as well "apartment complexes" lol..not that it matters . The only thing New Yorkers know as projects are buildings run by the department of housing. Hudd and Starrett City, are not. It's funny to because until you posted that link, I didn't even know Starrett City was a HUD building or low income. Also, Starrett City is NOT located in a bad neighborhood, it's not in the "ghetto", not considered "ghetto" and is along side a major highway, the Belt Parkway and the community is huge.I think they have a shopping center in the complex too.
Pointing out some housing development in NYC, where occupancy is in the high 90%'s, and saying, "See? It's not a ghetto!" is more deliberately deceptive than foolhardy. This is ALL about crooked developers trying to profit despite a down market (have you seen what percent of the homes listed in the area on Zillow are foreclosures?) Ayresley was supposed to stand for something - a return to traditional, walkable neighborhood living from the senseless, wasteful, soul-draining sprawl that has wrecked America's built environment. Instead, these crooked developers are trying to turn it into every urban homebuyer's nightmare - the prospect of sinking several hundred thousand dollars into a home or going hundreds of thousands into debt, only to see their primary investment shed value, their mortgages sink underwater, and their beloved community become littered, creepy and unsafe as whites flee and gangs spring up. Do you think the corporate developer PR goons pushing for this and saying "it won't be so bad" live in the community or would want to if there was low-income housing? Certainly not! They live in sprawled out subdivisions in South Carolina and probably see New Urbanism as just another gimmick for suckers. I encourage EVERYONE to fight this. There is plenty of low-income housing in Charlotte - where else in the country do you see new(ish) four-bedroom houses going for under $100k? If this gets passed, traditional neighborhood design will be DEAD in the Carolinas.
While I don't confess to know much about Section 8, I would be OK with low income housing as long as all potential tenant pass criminal background checks, and anyone convicted of a felony would be barred from living there, as well as being evicted should they be convicted during the term of a lease.
You're being a bit short-sighted. Think of all of the single women out there who have never completed high school and have several teenaged children that are more screwed up than they are. Their kids could be in and out of juvenile detention centers and you would never know - state and federal law protects their privacy. People that apply for and receive such housing are, by definition, the dregs of society. Think of the admissions process for a selective university or the recruiting procedures used by a Fortune 500 company and then turn it on its head. Section 8 selects for the worst people with the worst employment prospects. I'm certain that homes in the community have sunk in value merely due to the rumor that subsidized housing is being built there.
Whoever lived there in 2011 walked out on a $710k loan and the place is now selling for $220k. Note that it was built in 2009, implying that whoever bought it probably paid (and lost) a 20% deposit, because that was well after the heady days of the real estate boom when banks were lending to homebuyers with 0% down. Now I certainly can't afford a $710k home and few can, but just imagine throwing away $142k and your reputation as a borrower. From the fact that the home lost half a million dollars in value, it's a pretty safe assumption that whoever lived in the home wasn't just a frivolous, delinquent borrower - he was fleeing what he saw as a bad investment in a potentially doomed community. The developers behind this are robbing the local homeowners of their equity.
I live in the neighborhood, those townhouses were never anywhere near $700K. Not sure where those Zillow numbers come from, but even the biggest floor plan (which that one isn't) weren't even $400K fully upgraded, as I remember.
The construction of that senior community in our neighborhood isn't going to destroy our property values.
I live in the neighborhood, those townhouses were never anywhere near $700K. Not sure where those Zillow numbers come from, but even the biggest floor plan (which that one isn't) weren't even $400K fully upgraded, as I remember.
The construction of that senior community in our neighborhood isn't going to destroy our property values.
You just have to make sure it's in writing that there are only going to be seniors living there; seniors are pretty much safe no matter what social strata they come from. It's obviously the welfare mothers and their children that you need to worry about. I'm sorry if I quoted the wrong figures - I didn't know that Zillow could be inaccurate like that.
I live in the neighborhood, those townhouses were never anywhere near $700K. Not sure where those Zillow numbers come from, but even the biggest floor plan (which that one isn't) weren't even $400K fully upgraded, as I remember.
Even when prices in Ayrsley were at their highest, I am not even sure if any of these units (the highest-priced in Ayrsley) were that much over $300k.
This part of the development was taken over by a different builder from Calloway a few years back - maybe there was some creative financing going on there?
Quote:
Originally Posted by blaked
From the fact that the home lost half a million dollars in value, it's a pretty safe assumption that whoever lived in the home wasn't just a frivolous, delinquent borrower - he was fleeing what he saw as a bad investment in a potentially doomed community.
Ayrsley, like most places, likely had several houses where people could not keep up their mortgage for one reason or another. But this was never a high-cost housing area (I live there) - most of the homes here were in the $100k - $250k ish range when sold (maybe a bit more), and while these houses are worth less than they may have sold for when built in 2006-2009, none of the homeowners are underwater to the tune of hundreds of thousands of dollars.
More to the point, the last of the housing developments here (being built by Ryan) was halted a few years back (mainly because Ryan wanted an even lower rate for the plots and the owners of the development said, "no") is back on track to start building again.
Quote:
Originally Posted by blaked
I encourage EVERYONE to fight this. There is plenty of low-income housing in Charlotte - where else in the country do you see new(ish) four-bedroom houses going for under $100k?
You do realize that this issue came up and was dealt with almost 2 years ago, right?
I live in the neighborhood, those townhouses were never anywhere near $700K. Not sure where those Zillow numbers come from, but even the biggest floor plan (which that one isn't) weren't even $400K fully upgraded, as I remember.
The construction of that senior community in our neighborhood isn't going to destroy our property values.
It doesn't appear that the property he mentioned was ever sold to a person. I wonder how long it took him to come up with that as an example. Besides, I didn't think you could get a loan for that much anyway but I don't know.
Calloway did own it but now a construction finance company does. As far as I can tell no one else did and there was no foreclosure unless somehow Calloway defaulted but I don't see a trace of that either.
Property values did slip from about the 230s to about the 190s in that area with the 2011 reval but who knows what that means at this point.
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